541 Insurance Commissions Earned
Lease & Rental Activity
F & I, Protection Plan Activity
Sales Synopsis
Account 541, Insurance Commissions Earned is established to record the commissions earned for selling supplemental insurance coverage such as GAP, collision damage waiver to Rental customers.
Debits |
Credits |
|
|
Example 1
Record the accrual for the commissions earned on supplemental insurance coverage sold for the month in the amount of $615.
Journal: Standard Entries Journal
Entry: |
|
Debit |
Credit |
Account 264 |
Ins. Commissions Receivable |
$615 |
|
Account 541 |
Insurance Commissions Earned – Lease & Rental Activity |
|
$615 |